Also on Tuesday:• The ABS said that the total value of retail sales in Australia was down a seasonally adjusted 0.4 percent on month in December. That missed expectations for a flat reading following the 0.4 percent increase in November.

By region, Queensland (0.5 percent), Victoria (0.2 percent), Western Australia (0.3 percent), the Australian Capital Territory (0.3 percent), South Australia (0.1 percent), and Tasmania (0.1 percent) all saw an increase in sales. New South Wales (-0.1 percent), and the Northern Territory (-0.4 percent) both fell.

For the fourth quarter of 2018, retail sales added 0.1 percent - also shy of expectations for a gain of 0.5 percent and down from 0.2 percent in the three months prior.

• The Australian Industry Group said that the services sector in Australia fell sharply into contraction in January with a seasonally adjusted PMI score of 44.3. That's down significantly from 52.1 in December, and it falls well beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, retail trade was the big culprit as sales, new orders and employment all plummeted. Input prices slowed but remained well in expansion territory.

Finance and insurance also contracted, as did wholesale trade and transport and storage. Business and property ticked slightly higher and continued to expand.

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.